iva and savings account.

6 posts Page 1 of 1


User avatar
Posts: 11
Joined: Tue Apr 12, 2016 6:30 pm
Location: United Kingdom

Post by Phoenix51 » Wed Apr 13, 2016 10:31 am
Hi,One day into my iva was just wondering as I haven't received welcome pack yet, will I be allowed to put some money away for emergencies now obviously I can not have credit. For example vets bills, domestic appliance break downs.


User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am

Post by Shining » Wed Apr 13, 2016 10:39 am
Hi, it would be recommended that you did this, where possible with any spare money.

Great idea to try and put a little away when you can.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Apr 13, 2016 10:47 am
Some of your allowances need to be saved anyway, being monthly shares of an annual bill. But, yes, anything you can squirrel away ( your share of overtime etc.) will make a useful contingency fund, as something is bound to blow up or die a death during the next 5 or 6 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Thu Apr 14, 2016 7:40 am
Just don't say it is savings - it is an emergency fund etc.

There was that ridiculous farce last year with credit fix saying that savings are not allowed.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.


User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Wed Apr 27, 2016 4:13 pm
You should be encouraged to save what you can. 6 years without an emergency of some sort is highly unlikely.

I used the yorkshire building society online saver but there are plenty of options and you get very little interest so pick one that suits you.

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.


User avatar
Posts: 1889
Joined: Mon Jun 13, 2011 9:33 am

Post by footiemad » Wed Apr 27, 2016 9:53 pm
I have run an online savings account alongside my current account with NatWest putting as much as possible in until needed to pay dd's etc. so far I have earned just under £50 in interest. Not a lot but better than nothing.
6 posts Page 1 of 1
Return to “friends corner”